Deducting Medical and Dental Expenses

You can only deduct medical and dental expenses if you itemize your deductions. You are eligible to deduct medical and dental expenses if they exceed 7.5% of your adjusted gross income in 2019. For example, if your adjusted gross income is $50,000 and you have $6,000 of eligible medical expenses (see below), you could deduct $6,000 […]

IRS Form 730: Monthly Tax Return For Wagers

You must file IRS Form 730 and pay taxes on wagers if you:• Are in the business of accepting wagers (this form is NOT for individuals placing wagers, it is for entities accepting wagers).• Conduct a wagering pool or lottery.• Are required to be registered and you received wagers for or on behalf of another person but didn’t report that person’s name […]